Free cash flow has turned sharply negative, reaching -134.7% in 2026Q1 as capital intensity peaked with a CapEx-to-revenue ratio of 175.0%.
| Cash from Operations | 262.4M | 209.1M | 59.37M | 88.26M | 68M | 16.47M | 43.85M | 114.87M | 116.36M | 26.73M | 4.52M | 2.16M |
| Operating CF Margin % | - | 33.61% | 18.96% | 30.13% | 21.25% | 10.35% | 42.59% | 47.53% | 59.01% | 39.66% | 24.9% | 15.18% |
| Operating CF Growth % | 1369.23% | 252.22% | -32.74% | 29.8% | 312.77% | -62.44% | -61.82% | -1.28% | 335.35% | 491.22% | 109.69% | - |
| Net Income | 46.29M | 58.4M | 28.92M | 38.77M | 33.51M | -1.26M | -51.09M | 90.36M | 85.95M | 14.68M | 2.8M | -1.37M |
| Depreciation & Amortization | 88.98M | 84.28M | 47.22M | 36.19M | 30.43M | 27.21M | 27.02M | 26.93M | 18.42M | 6.63M | 3.79M | 2.4M |
| Stock-Based Compensation | 23.09M | 23.37M | 10.59M | 7.74M | 6.09M | 5.21M | 4.74M | 4.47M | 3.86M | 3.7M | 127K | 64K |
| Deferred Taxes | 26.99M | 16.09M | 3.98M | 7.25M | 7.68M | 132K | -9.15M | 16.12M | 12.28M | 33.46M | 0 | 0 |
| Other Non-Cash Items | 80.73M | 46.55M | -2.66M | 989K | 2.61M | 516K | 52.15M | 1.41M | 1.23M | -22.5M | 135K | 22K |
| Working Capital Changes | -3.6M | -19.6M | -28.69M | -2.68M | -12.34M | -15.34M | 20.19M | -24.42M | -5.38M | -9.24M | -2.34M | 1.05M |
| Change in Receivables | -52.87M | -25.44M | -16.78M | 19.7M | -35.93M | -15.24M | 17.4M | 853K | -26.77M | -8.47M | -3.06M | 1.05M |
| Change in Inventory | -6.49M | -3.13M | -2.25M | -6.19M | -4.62M | -978K | -235K | -2.74M | -10.47M | -7.53M | 327K | 1.79M |
| Change in Payables | -8.65M | 8.51M | -3.45M | -10.63M | 13.34M | 2.96M | 3.05M | -3.58M | 4.47M | 4.22M | 41K | -1.51M |
| Cash from Investing | -996.59M | -686.36M | -305.03M | -62M | -79.54M | -19.52M | -3.77M | -34M | -160.54M | -98.98M | -10.94M | -27.86M |
| Capital Expenditures | -845.78M | -646.76M | -188.42M | -64.39M | -81.41M | -19.64M | -4.66M | -34.85M | -161.08M | -93.91M | -10.9M | -27.79M |
| CapEx % of Revenue | 122.2% | 103.95% | 60.18% | 21.98% | 25.44% | 12.34% | 4.53% | 14.42% | 81.68% | 139.35% | 60.03% | 195.64% |
| Acquisitions | -137.87M | -29.2M | -117.06M | 0 | 0 | 0 | 0 | 0 | 0 | -5M | 0 | -73K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -12.93M | -398K | 452K | 2.38M | 1.87M | 114K | 886K | 850K | 534K | -72K | -36K | 4K |
| Cash from Financing | 1.06B | 670.7M | 399.7M | -29.26M | -16.12M | -20.82M | -46.59M | -39.04M | 5.82M | 132.11M | 3.06M | 7.88M |
| Debt Issued (Net) | 1.14B | 734.03M | 295.56M | 21.02M | 6.39M | -30K | -35K | -13.04M | 12.97M | 2.28M | 2.26M | -279K |
| Equity Issued (Net) | -4.17M | 0 | 151.09M | -27.8M | 6K | 13K | -27.17M | -4.36M | -1.15M | 155.76M | 0 | -5K |
| Dividends Paid | -24M | -21.76M | -14.6M | -14.07M | -13.8M | -13.56M | -19.18M | -19.26M | -4.71M | -25.82M | 0 | 0 |
| Share Repurchases | -4.17M | 0 | -9.79M | -27.8M | -1.11M | -786K | -27.17M | -4.36M | -1.15M | 0 | 0 | -5K |
| Other Financing | -51.22M | -41.57M | -32.35M | -8.41M | -8.71M | -7.24M | -212K | -2.39M | -1.3M | -111K | 795K | 8.16M |
| Net Change in Cash | 327.75M | 193.45M | 154.03M | -3M | -27.66M | -23.87M | -6.52M | 41.83M | -38.36M | 59.85M | -3.35M | -17.82M |
| Free Cash Flow | -583.39M | -437.65M | -129.05M | 23.87M | -13.41M | -3.17M | 39.19M | 80.02M | -44.72M | -67.25M | -6.41M | -25.63M |
| FCF Margin % | -84.29% | -70.34% | -41.22% | 8.15% | -4.19% | -1.99% | 38.06% | 33.11% | -22.68% | -99.79% | -35.33% | -180.46% |
| FCF Growth % | -123.37% | -239.13% | -640.58% | 277.96% | -323.85% | -108.08% | -51.02% | 278.93% | 33.51% | -948.57% | 74.98% | - |
| FCF per Share | -11.78 | -8.84 | -4.41 | 0.80 | -0.43 | -0.10 | 1.36 | 2.65 | -1.73 | -5.55 | -0.64 | -2.54 |
| FCF Conversion (FCF/Net Income) | -12.60x | 6.93x | 3.76x | 3.63x | 3.21x | -18.98x | -1.49x | 2.21x | 2.74x | -6.40x | - | - |
| Interest Paid | 16.78M | 22.41M | 11.46M | 2.96M | 249K | 132K | 282K | 275K | 281K | 104K | 20K | 18K |
| Taxes Paid | 799K | 799K | 503K | 478K | 370K | 325K | 796K | 663K | 314K | 45K | 35K | 60K |
Aggressive capital intensity
According to reported financial data, SEI exhibits a significant disconnect between net income and operating cash flow, with OCF/NI ratios frequently exceeding 3.0x, suggesting that non-cash charges and structural accounting complexities significantly obscure the company's true cash-generative capacity relative to its reported bottom-line earnings.
The persistent gap between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash depreciation and amortization, which is typical for asset-heavy infrastructure firms. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the accounting impact of the company's Up-C organizational structure.
As reported in recent quarterly filings, SEI's free cash flow trajectory has turned sharply negative, with FCF margins plummeting to -134.7% in 2026Q1, a stark reversal from the positive margins observed in early 2024, driven primarily by an aggressive surge in capital expenditure requirements.
The transition from positive free cash flow to significant cash burn suggests that the company is prioritizing rapid asset expansion over immediate cash preservation. This shift warrants further investigation into whether these capital outlays will yield the expected returns or if they represent an over-extension of the balance sheet.
Based on the provided financial statements, SEI's capital intensity has reached extreme levels, with CapEx/Revenue ratios peaking at 175.0% in 2026Q1, indicating that the company is currently in a phase of massive asset deployment that far exceeds its current revenue-generating capabilities.
The elevated capital expenditure suggests that the company is aggressively building out its new power infrastructure fleet, which may be necessary for long-term growth but creates immediate pressure on liquidity. Analysts should evaluate if this spending is maintenance-focused or purely growth-oriented, as the latter carries higher execution risk.
As evidenced by the quarterly cash flow statements, SEI's working capital dynamics have become increasingly volatile, with a $28.6 million outflow in 2025Q2 followed by a $24.3 million inflow in 2025Q4, reflecting the inherent lumpiness of managing logistics and mobilization services in a cyclical environment.
The inconsistent working capital trends suggest that the company's cash conversion cycle is highly sensitive to the timing of large-scale project mobilizations. Investors should monitor these fluctuations closely, as they may indicate potential challenges in managing inventory and receivables during periods of rapid operational scaling.
Quick answers to the most common questions about buying SEI stock.
Solaris Energy Infrastructure, Inc. (SEI) generated $209.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Solaris Energy Infrastructure, Inc. (SEI) reported negative free cash flow of $437.7M in 2025, indicating capital requirements exceeded cash from operations.
Solaris Energy Infrastructure, Inc. (SEI) spent $646.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Solaris Energy Infrastructure, Inc. (SEI) returned $21.8M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.